Lynsey Bennett in: He Shed, She Shed

AMAZING ARTICLE!! Our very own Lynsey Bennett's backyard oasis was featured in the Ottawa Citizen today. Kiki Interiors and Lynsey made a great team designing this unique retreat. To find your dream backyard oasis team up with the best CALL TODAY Bennett Pros 613-233-8606 or visit bennettpros.com.

WE MUST ADD - no photoshoot would be complete
without our famous office dog Maddy.

Call it a classic he shed, she shed moment.

It’s that instant when you decide it’s time for your own backyard hideaway — when you buy into the fact that sheds aren’t just for storing junk and hosting cobwebs anymore.
Backyard sheds are being reimagined as elaborate outdoor living spaces. The trend has laid a foundation in Ottawa and Canada just as it explodes south of the border. Just last month, U.S. cable network FYI ordered production on a new series called He Shed, She Shed. To continue reading click on the following link: http://ottawacitizen.com/life/homes/he-shed-she-shed-reimagining-your-outdoor-living-space

The April resale market in full bloom

Members of the Ottawa Real Estate Board sold 1,570 residential properties in April through the Board's Multiple Listing Service® system, compared with 1,419 in April 2014, an increase of 10.6 per cent. The five-year average for April sales is 1,531.

"Despite the late departure of the cold weather this April, buyers were out in full swing, propelling the Ottawa resale market into a busy spring selling season," says David Oikle, President of the Ottawa Real Estate Board. "Sales continued their steady pace upwards since the beginning of the year, with 362 more properties sold this April over March."

April's sales included 258 in the condominium property class, and 1,312 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

"The average cumulative days on market has improved even more in April, coming in at 74 days, compared to 83 in March," says Oikle. "Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May."

The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 2014. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

"Several price ranges this month saw significant increases in units sold; a possible explanation for the residential average sale price entering the $400,000 range," explains Oikle. "The $400,000 to $450,000 range saw an increase of 37.3 per cent; while the $500,000 to $750,000 range saw a 25.4 per cent increase. Two-storey and bungalow residential properties remain as the top selling property-types in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 283 properties in April, and 876 since the beginning of the year."

This information is provided from the Ottawa Real Estate Board 

Visit www.bennettpros.com for all your real estate needs.

 

When the personal becomes professional: Assembling your home buying team

Most of you would agree that meeting the love of your life is a monumental event. From observing my clients over the last thirty years, I’d argue that falling in love with a home runs a close second. Walking into a new home or model and feeling your pulse quicken is a magical sensation. When you feel a strong personal connection with a certain place, you won’t sleep until it’s yours.

It may seem strange that such a personal experience involves working with so many other people. But when you’re making the biggest financial investment of your life, it’s always wise to depend on the advice and expertise of professionals. Depending on your personal circumstances, you may consider consulting with the following:

Mortgage Specialist: Ideally, you will have met with a mortgage broker or mortgage specialist from your bank or lending institution prior to beginning your home hunt. Understanding how much money you have to work with is an excellent first step to narrowing your search, and obtaining a pre-approved mortgage can save both time and grief in the long run.

Realtor: While it’s possible to purchase a new home without the assistance of a realtor, there are several benefits – and no drawbacks – to having a real estate professional in your court. Realtors understand the market better than anyone else, and can provide terrific insights on neighbourhoods, investment values and negotiating with a builder. Best of all, there’s NO COST associated with hiring a realtor to purchase a home.

Real Estate Lawyer: This is an absolute must. A good lawyer will walk you through the paperwork, explain fees, and protect you from real estate fraud.

Home Inspector: Because new homes in Ontario are covered under the Tarion Warranty, and because a pre-delivery inspection with the builder is part of the new home buying process, many purchasers of new homes choose not to hire a home inspector. However, I often encourage my clients to spend the few hundred dollars it costs to ensure that their new home has been built to code.

Most homebuyers are smart cookies. But, in matters of love, the heart rules the head. That’s why, when it comes to buying a home, it pays to have professionals do some of the thinking for you.




Visit bennettpros.com for all your real estate needs.

Give Yourself Credit: A Beginner’s Guide to Arranging a Mortgage

Over the years, I’ve worked with clients whose ease with numbers would make your head spin - from accountants to engineers. But, in my experience, such “mathletes” are far outnumbered by those of us who face financial calculations with apprehension.

Thank heaven for mortgage specialists. Whether you opt to go through a broker or your financial institution, a good specialist will guide you through the intricacies of choosing a mortgage with patience and know-how.


Remember that mortgage pre-approval is the way to go. This means visiting your specialist before shopping for a home, and obtaining a realistic budget to work from. Pre-approval also speeds up the purchasing process once you’ve found your perfect home.

In comparison with the early 80s, when mortgage rates surpassed 20%, today’s rates – which tend to hover below 4% – seem astonishingly low. But substantial savings can still be found by choosing certain mortgage features over others. Here are some of the most basic options you’ll encounter:

Term Length: A term is a set length of time, typically ranging from one to ten years, in which a certain mortgage rate applies. At the term’s end, you’ll renew your mortgage for another term. The shorter the term, the lower the interest rate; however, by choosing a longer term, you’re insuring yourself against the possibility of skyrocketing mortgage rates in the future.

Fixed rates, variable rates and capped rates: A fixed interest rate remains the same throughout the term, while a variable rate rises and falls along with prime rate. While the second option means accepting some unpredictability, it may yield greater savings than a fixed rate. A capped rate is a type of variable rate that cannot exceed a set upper limit. If interest rates are low but you’re facing a longer closing date, you may choose to be locked into a capped rate, which will apply once your mortgage payments begin.

Frequency of payments: Most lenders offer weekly, bi-weekly, semi-monthly or monthly payments. While, at first glance, the difference between bi-weekly payments (every other week) and semi-monthly (twice a month) may seem unimportant, it works out to two more payments per year. Ultimately, those extra installments could take a couple of years off the life of your mortgage.
Of course, there are many more mortgage features that your specialist can introduce to you. Trust me: by the end of the process, you’ll feel like a specialist yourself.

To receive a FREE copy of a new special report titled "Homebuyers: How to Save Thousands of Dollars When You Buy" email sales@bennettpros.com

Marnie Bennett is a broker and the marketing director for Bennett Property Shop Realty, a full premium service real estate brokerage specializing in marketing and selling new and resale homes, condominiums and investment real estate. Marnie is the host of the weekly radio show the Real Estate Hour, a millionaire real estate investor and a wealth management coach. bennettpros.com

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After the family home: Great Spaces for Aging Gracefully

You may be familiar with the term “aging in place”, which refers to the appealing idea of staying in one’s own home as one gets older, as opposed to entering a retirement home. While our futures don’t always unfold the way we'd planned, I do encourage my downsizing clients to consider homes that are the most likely to gracefully accommodate them in their elder years.

For instance, a flight of stairs may not present a problem to an able-bodied couple in their sixties. A decade later, they may be wishing they’d chosen differently. High-rise and low-rise condominiums with elevator service are by far the most popular housing choice among my clients who move to the city after retirement. Freedom from upkeep is a huge selling feature, while safety and recreational amenities also play key roles.

But there are certainly other options out there. Many of my baby boomer clients love to garden, play outside with grandchildren and entertain friends outdoors. They’re simply not prepared to sacrifice a private lot. Some communities offer condo ownership of semi- or fully detached bungalows, taking the burden of yard maintenance and snow removal from your shoulders. 

Alternately, freehold owners may hire yard help when it’s needed.

In addition to their lack of stairs and bright main floor laundry rooms, today’s bungalows can easily be built with features that make them more accessible to people with mobility issues. Most builders are happy to widen doors and hallways, substitute lever door handles and add sleek-looking handrails in bathtubs and showers.

You’ll also want to weigh the benefits of living in an adult lifestyle community versus a more diverse neighbourhood. Some baby boomers thrive in a community of peers who share similar interests, finding their social lives completely reinvigorated. Others prefer to be surrounded by families of all ages, in neighbourhoods where Halloween brings dozens of miniature princesses and superheroes to the door.

For a small percentage of downsizers, an in-law suite is the answer. When grown children have a larger home, and are able to provide parents with the type of surroundings – and relationships – they desire, both parties can benefit financially and emotionally.

Whatever path you choose, take it from me: once you have a plan for the future, it’s easier to live in the moment.

To receive a FREE copy of a new special report titled "Homebuyers: How to Save Thousands of Dollars When You Buy" email sales@bennettpros.com

Visit www.bennettpros.com for all your real estate needs.

The Downsizers Dilemma

by Zoe Van Wyck, Bennett Pros Sales Representative - Do you ever wonder what it would be like to live a simpler life? Although it may require some lifestyle tweaking  to get there, do you realize how attainable it really is? This seems to be the mindset of the majority of Canadians as the flock of baby boomers have been contemplating the low maintenance lifestyle of condo living. With this ongoing trend and new condo’s popping up all over the city, the appeal and possibility is there. However, for a lot of these downsizers, even with this seemingly simple solution at hand, something is blocking the path to making the final decision to move forward and ‘make the change’.
 

 Certainly ‘making the change’ will require some effort to adjust; especially after dealing with the same routine for years and years. The idea of a lifestyle adjustment may present itself as an overwhelming feat requiring a great deal of energy and effort. It may be this notion of change alone that seems to instill in them the most fear. But fear has always been the greatest enemy in our decision making ability, as it does a fantastic job of holding us back.

One of the main factors instilling this sense of fear is the conflict between the desire for zero maintenance versus the sacrifice of ‘space and things’. “Where will I put my 12 Rubbermaid containers of yarn?” one asks, “Where am I going to put those magazines I’ve been accumulating since 1965?”, says another. Well, the response to these concerns is nowhere. And that this is the whole point. The intention of downsizing is just that: downsizing. 
 

Evidently there are adjustments to be made. It is a huge lifestyle change, without a doubt. But when a lifestyle change offers so many benefits, and the ability to alleviate so many of your burdens, why put it off any longer? Why not enjoy that ‘lock and leave lifestyle’ everyone is talking about right now! Don’t spend one more winter shoveling your 4 car driveway, tending to your lawn that never seems to stay green, or paying to air condition all ten rooms in your home…when you use only three of them.
   

While the majority of baby boomers are still in their “contemplation stage” there are many that have benefited from this lifestyle leap already – the downsizing dilemma is on its way out. It’s only a matter of time until this demographic fully accepts and adjusts to this trend and begins to wholeheartedly embrace the change. With Ottawa having the largest baby boomer population per capita, you can be assured that once the acceptance of condo living for downsizers truly hits, and all that fear subsides, there will be a shift in the market. All of those large, family homes will be scattering the market and the competition will be fierce. You don’t want to be caught trying to sell your house in a buyers’ market, especially if you’re nearing retirement. Don’t you want to get top dollar for your home?!
 

Don’t get left behind! Get started now and contact the Bennett Property Shop today! Be a front runner and you will benefit far greater than those who sit back and let their fear affect their future.

You can thank me later.

Visit bennettpros.com for all your real estate needs.

Adding In-Laws to Your Ottawa Home

One feature some couples look for when buying a home in Ottawa is what is called “An in-law suite”. They might want the suite so that their parents can move in with them as the parents age. Some couples who live far away from the rest of their families might seek out a suite so that their two (or more) sets parents have a private place to stay when they come to visit. In addition to giving parents a place to stay, in-law suites can also generate income for a homeowner.

What to Look for in a Suite

Ideally, the in-law suite will act as its own private space. The suite can have its own private entrance, so that whoever is staying in it can come and go as they wish without disturbing the rest of the household. Other features the suite should have include a full bath and a kitchen.  If the person who stays in the suite doesn’t like to cook or is incapable of cooking, a kitchenette or even just a refrigerator and single burner might suffice.

Location of the Suite

Most in-law suites are attached to the home, though some are in freestanding garage-like buildings. If the house doesn't come with a suite already, you might find that it's easiest to renovate the basement and convert it into a suite. Many basements already have a separate entrance, for one thing. It's also pretty easy to add plumbing in the basement.  However, based upon the mobility of the suite’s intended occupants, a main-floor or bungalow-style suite may be preferable.

Getting a Suite Early On

Purchasing an Ottawa home that already has an in-law suite can save you money down the road. You won't have to worry about renovating your home when it's time to have your parents move in. Plus, you can earn income from the suite by renting it out to a student or other young person in the mean time.

An in-law suite can also act as transitional living situation for an older child. If your child attends college but doesn't live on campus, you can let him or her live in the suite. In that way, they'll be close by, but still be able to have a sense of privacy and independence.

Benefits of Having Your Parents Live With You

As your parents get older, they become less able to care for themselves. If they are still in good health, having them live with you rather than in a retirement community, can save you both a lot of money. Plus, having your parents live with you means that your children get to see their grandparents on a regular basis and you get to spend a lot of quality time with your parents in the latter stages of their lives.

Visit www.bennettpros.com for all your real estate needs!